ChildrenThese insurances belong in the school bag

Icon image way to schoolimago images / MedienServiceMüller

School starts again after the summer holidays. The start of school is a milestone for children, and it also marks a turning point for parents: your child will become more independent and may want to go to school without supervision. Insurers want to benefit from parental care. They offer numerous policies especially for children, which can be used to cover risks on the way to school. Parents are not necessarily doing something good for their wallet with the products.

If you want to protect your children, you should first check your own insurance cover. There are two reasons for this: First, children depend on their parents being able to provide them with adequate care. The consumer protection organization Federation of Insured Persons (BdV) therefore recommends parents liability insurance, occupational disability insurance and risk life insurance. These policies protect the family financially in the event of severe stroke of fate.

The second reason why worried parents should first check their own insurance: Children are often automatically insured, for example with private liability insurance. As long as they are still at school, studying, in training, unmarried and under the age specified by the insurer (often 25), they enjoy insurance protection through their parents. By the age of seven, children are not even capable of committing crimes, as the jargon says. In road traffic there is an age limit of ten years. If children are younger when they cause harm, their parents are not liable. “To prevent the neighborhood war from happening if the five-year-old scratches the neighbor’s car with stones, damage from children under the age of seven or ten should be insured up to EUR 20,000,” advises BdV expert Bianca Boss.

One of them can be useful Accident insurance be. The statutory accident protection for children only applies to the way to school and back. This does not protect accidents in recreational sports, on the playground or on private roads. If a child suffers from permanent physical impairment due to an accident in their free time, parents sometimes have to raise large sums to keep their child mobile – for example, they have to remodel their house to accommodate the disabled. Such investments should cover the one-off payment of accident insurance to parents. The BdV advises a minimum amount of 200,000 euros. Some insurers also offer an accident pension. However, such policies are correspondingly more expensive.

The BdV experts cite the as a better alternative Child disability insurance. Around 60 percent of all severely disabled children have become disabled as a result of an illness, and only 0.3 percent as a result of accidents, the BdV quotes from the statistics on the severely disabled. In the event of a claim, the insured receive a lifelong pension, i.e. well beyond childhood. However, this protection comes at a price: parents have to pay around 300 to 500 euros a year for it. In view of the benefits that the policies offer in the event of a claim, that’s okay. If this is still too expensive for you, you can take out child accident insurance with a progression of 225 or 300 percent and at least better cover the risk of an accident-related disability.

Another insurance product specifically for children is the Disability insurance. It pays if the child is unable to attend school for at least six months for health reasons. However, the BdV strongly advises against such a policy: “Protection is inadequate. For example, a paraplegic child who takes part in class in a wheelchair would not receive any insurance benefits, ”explains insurance expert Boss.

Also the Training insurance belongs in the “superfluous” category. This is based on a mixture of capital and risk life insurance. So the policy does not protect the child’s education, but on a small scale risks like the death of the parents. If the damage does not occur, children will get back what their parents have paid in at the end of the contract. So the benefits are minimal, and the policies are expensive.

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